PORTAGE, Wis., July 29, 2013 /PRNewswire/ -- Resilience Capital Partners, the majority owner of Penda Corporation ("Penda"), and The Fabri-Form Company ("Fabri-Form") today announced they have signed a definitive agreement to merge the two companies.
Fabri-Form, located in New Concord, OH (www.fabri-form.com) is a market-leading plastic thermoformer of material handling, packaging, and engineered components for the automotive, grocery, and heavy-duty truck industry. Penda, located in Portage, WI (www.penda.com) is a world-wide Tier 1 automotive supplier and the largest industrial heavy-gauge thermoformer in the United States. The combined organizations will feature a network of facilities across the United States and Mexico to service their customers.
The agreement combines the strengths of Penda and Fabri-Form by leveraging Penda's global sales network and thermoforming resources with Fabri-Form's custom engineering solutions and manufacturing technologies to deliver an unparalleled array of thermoformed solutions.
"By teaming up with the largest heavy-gauge plastic thermoformer in the United States, Fabri-Form is able to leverage Penda's global network and thermoforming resources to enhance our presence and impact to a larger audience both in the United States as well as worldwide," said Rob Zachrich, formerly president of Fabri-Form, who will assume COO responsibilities in the new organization. "We are excited to combine our strengths to meet the demands of the marketplace – delivering highly engineered, high-quality products while reducing the weight and cost of solutions designed to replace heavy composite, fiberglass, wood, and metal products."
"Penda represents a great fit for the future of our Company, our employees, and customers. My family started Fabri-Form in 1943 and this represents the next step in our rich history of evolution and growth. I could not be more excited about the opportunities that will be provided by our future together with Penda," noted John Knight, former CEO of Fabri-Form.
"This acquisition is key to the future direction and growth of both Penda and Fabri-Form," said Jack Slinger, who will remain President and CEO of the new organization. "Fabri-Form will expand our manufacturing and engineering capabilities and allow us to accelerate the development of new and appealing products for our current and future customers. The end result will be collaboration between two world-class market-leading organizations that will deliver significant value to our customers, our employees, and our shareholders."
The new company will be headquartered in New Concord, OH, at Fabri-Form's current facility, and will operate as Penda Fabri-Form Corporation. P&M Corporate Finance (www.pmcf.com) served as financial advisor to Fabri-Form.
About Penda Corporation
Penda Corporation, located in Portage, WI (www.penda.com) is a world-wide Tier 1 automotive supplier and the largest industrial heavy-gauge thermoformer in the United States. A combination of engineering expertise, sophisticated processes, advanced technologies and exceptional quality makes Penda an ideal partner to OEMs around the world. You can count on us just as they do—as a dependable, single-source manufacturing partner who helps shorten the supply chain and deliver lower overall costs. A world-class heavy-gauge thermoformer, Penda provides an uncommonly wide array of high-quality manufacturing processes, along with design and engineering support and extensive secondary/finishing capabilities.
About The Fabri-Form Company
The Fabri-Form Company, located in New Concord, OH (www.fabri-form.com) is a market-leading plastic thermoformer of material handling, packaging, and engineered components for the automotive, grocery, and heavy-duty truck industry. Fabri-Form is a custom plastic fabricator and thermoformer that supplies quality parts, on time, through innovative design, engineering and manufacturing services. Our mission is to lead our industry in quality, technology and customer service through innovation and growth with a commitment to our employees and community.
About Resilience Capital Partners
Headquartered in Cleveland, OH, Resilience Capital Partners invests in niche-oriented manufacturing and business service companies located in the Midwestern and Mid-Atlantic United States with sustainable market positions and a clear path to cash flow improvement. Resilience targets platform businesses with $25 million to $250 million in revenues across a broad range of industries where it can improve a company's operations, competitive positioning and profitability. Since its founding in 2001, Resilience Capital has invested in 30 companies under 20 platforms. Its portfolio companies today employ more than 5,000 people in 14 states and collectively represent over $2 billion in revenues. Resilience manages in excess of $320 million for its global investor base which includes pension funds, insurance companies, foundations and endowments, fund of funds, wealth managers, and investment consultants. For more information, please visit www.resiliencecapital.com.
SOURCE Penda Fabri-Form Corporation